12. March 2020
In relation to the potential effect of the coronavirus on the economy, LHV Pank has decided to enable a grace period of up to six months to corporate loan clients who are affected by the coronavirus.
According to Indrek Nuume, Member of the Management Board and Head of Business Banking at LHV Pank, the aim of the grace period is to provide time to companies affected by the virus to adapt to change. ‘Right now, Estonian companies affected by the virus have to focus on managing changes related to their clients and sales revenues. This is a preventative measure. LHV’s credit portfolio remains strong, but it could be estimated that companies in certain sectors, such as hotels, transport companies, or industrial companies related to deliveries from China, face more difficult choices today. We wish that in making these difficult choices, entrepreneurs would not feel excessive pressure from obligations to the bank,” commented Nurme.
The bank offers a grace period of up to six months without amending any other terms of loan agreements that have been entered into. The bank kindly asks you to contact your loan administrator if you require a grace period related to business results that are affected by the virus. The volume of the corporate loan portfolio of LHV Pank is nearly one billion euros.
LHV Group is the largest domestic financial group and capital provider in Estonia. LHV Group's key subsidiaries are LHV Pank and LHV Varahaldus. LHV employs over 450 people. LHV’s banking services are used by 212,000 clients, and pension funds managed by LHV have 177,000 active clients.All news